Bank of America began coverage on shares of Targa Resources (NYSE:TRGP - Free Report) in a research note released on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $182.00 price target on the pipeline company's stock.
Several other equities analysts have also recently issued reports on the company. Truist Financial boosted their price target on Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 2nd. Wells Fargo & Company boosted their target price on Targa Resources from $124.00 to $153.00 and gave the stock an "overweight" rating in a research report on Monday, August 5th. Argus upgraded Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. Finally, Scotiabank boosted their target price on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 17th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $148.36.
Get Our Latest Analysis on TRGP
Targa Resources Stock Down 0.4 %
NYSE TRGP traded down $0.71 during trading on Thursday, reaching $161.92. 1,249,518 shares of the company's stock were exchanged, compared to its average volume of 1,651,918. The stock has a market cap of $35.47 billion, a P/E ratio of 34.09, a price-to-earnings-growth ratio of 1.32 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a 50 day moving average price of $149.38 and a two-hundred day moving average price of $131.59. Targa Resources has a 1 year low of $81.03 and a 1 year high of $167.79.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business earned $1.44 EPS. On average, equities research analysts anticipate that Targa Resources will post 5.9 EPS for the current fiscal year.
Targa Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Thursday, October 31st. Targa Resources's dividend payout ratio is presently 63.16%.
Insiders Place Their Bets
In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares of the company's stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 in the last quarter. 1.44% of the stock is currently owned by company insiders.
Institutional Trading of Targa Resources
Several large investors have recently added to or reduced their stakes in the stock. Aaron Wealth Advisors LLC grew its stake in shares of Targa Resources by 8.2% during the third quarter. Aaron Wealth Advisors LLC now owns 3,078 shares of the pipeline company's stock valued at $456,000 after acquiring an additional 232 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Targa Resources by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,822 shares of the pipeline company's stock valued at $3,378,000 after acquiring an additional 153 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of Targa Resources by 70.1% during the third quarter. Bleakley Financial Group LLC now owns 12,578 shares of the pipeline company's stock valued at $1,862,000 after acquiring an additional 5,185 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Targa Resources by 8.4% during the third quarter. Global Retirement Partners LLC now owns 31,148 shares of the pipeline company's stock valued at $4,610,000 after acquiring an additional 2,419 shares in the last quarter. Finally, Mezzasalma Advisors LLC grew its stake in shares of Targa Resources by 2.7% during the third quarter. Mezzasalma Advisors LLC now owns 19,786 shares of the pipeline company's stock valued at $2,929,000 after acquiring an additional 524 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.
About Targa Resources
(
Get Free Report)
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.
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